United States Smart Home Appliance Market to Grow by a CAGR of 15.4% during 2020 – 2024,
United States Smart Home Appliance Market to Grow by a CAGR of 15.4% during 2020 – 2024 Owing to the Intensifying Demand for Smart Household Products and Rising Internet Penetration Amongst Individuals
New York — According to the US Bureau of Labor Statistics in June 2020, national employment decreased by 9.4%, down to 135.1 million between June 2019 and June 2020. Almost every industry across the world has been largely affected by the outbreak of the COVID-19 pandemic. Although some industries have strong defenses, others are struggling to reset back to normal. This impact has resulted in a change in consumer preferences and is continuously altering market conditions. Despite all these factors, the consumer electronics industry in the U.S. has witnessed a surge in sales and is further expected to grow significantly in the coming years. According to the statistics by the United States Census Bureau, the non-adjusted advance monthly sales of electronics & appliance stores in the United States was expected to reach USD 8,091 million in July 2021, when compared to the advance monthly sales of USD 6,555 million in the month of July of the previous year. Moreover, the monthly retail trade for household appliance stores in the U.S. grew from USD 1681 million in June 2020 and reached USD 1763 million by the end of December 2020. Interestingly, the sales figure in both these periods were higher than its previous year, where during the month of June 2019, sales touched a value of USD 1398 million and further grew to USD 1423 million in December 2019.
Research Nester has recently added a detailed report titled ‘United States Smart Home Appliance Market’ to its repository of market research reports, which is studied for the period 2019-2024. The research study provides an in-depth analysis of the latest trends, opportunities and challenges that is anticipated to impact the growth of the market. Further, the report also consists of the strategies adopted by key market players to stay ahead of their competitors.
To date, around 9% of the total households in the United States own small smart appliances. Moreover, over the last few years, there has been a notable surge in the usage of smart home appliances in developed nations, including the U.S. In the year 2019, the smart home penetration in the country was about 35% and is further estimated to cross 55% by the end of 2025. The increase in the adoption of these appliances can primarily be attributed to the comfort and convenience availed by the end-users upon using these appliances. The United States smart home appliance market garnered a revenue of USD 2,877,000 thousand in 2019 and is evaluated to reach USD 5,330,308.2 thousand by 2024, by recording a CAGR of 15.4% throughout the forecast period, i.e., 2020 – 2024. In 2021, the market is expected to gain a revenue of USD 3,541,615.8 thousand. The growth of the market can be attributed to the increasing demand for smart homes and the growing penetration of smart devices in the region. In addition, the high per capita income of the population and their emphasis on leading a better lifestyle are also projected to drive market growth in the forthcoming years. According to the statistics by the World Bank, the gross national income per capita of the United States grew from USD 48,990 in 2010 to USD 65,580 in 2019. In addition, the per capita GDP in the United States grew from USD 48,467.516 to USD 65,297.518 during the same period. The benefits of smart technologies, namely reduced energy consumption, and reduction in carbon footprint are also assessed to offer lucrative opportunities to the market in the near future. However, security threats, and the high cost of smart appliances, are expected to obstruct the growth of the market over the forecast period.